Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

Guarantor Loans FAQs

Can I Apply If I Have A CCJ?

Yes, but whether your application is successful may depend on the lender’s scoring system with Guarantor loans much depends on your Guarantors credit history and issue with CCJs.


What Are The Requirements?

We feature a multiple number of Guarantor lenders each with their own requirements. Please study the individual pages for the lenders to see the minimum requirements and employment requirements and whether they carry out credit checks.


Must I Be A Home owner To Apply?

No you do not need to be a home owner but your Guarantor may need to be a home owner and will vary from lender to lender.


A Website Is Claiming To Be A Lender Should I Fill In My Details?

The Lenders List only recommends companies that are direct Guarantor loan lenders. If you are looking at Guarantor loan sites, please check the small print if they are a lender or a broker. There are hundreds of brokers in the industry and if you submit an application with them, you expose yourself to receiving hundreds of text messages and emails a day and in some cases you may be charged a fee. We do not work with brokers.


Do I Need A Debit Card To Apply?

Yes and No, you will need either a debit card or a direct debit facility on your bank account so that your security can be verified and payments can be collected


I Get Paid Weekly, Is This A Problem?

Certainly not. Be sure to note this on the application form as most lenders will offer a loan repayable early or even shorter than the period you may have taken it for. Check the individual lenders page to get a better idea of the loan length and requirements.


What Are The Charges?

Guarantor loan lenders charges will vary depending on the APR being charged for the loan you take and the amount of time you will be borrowing for. We only feature lenders that are transparent with their costs, however, we advise customers to read the terms and conditions carefully and always read the contract supplied about all charges with regards to your loan.


How Much Can I Borrow?

You can borrow usually between £500 to £10,000 but this will vary strongly depend on yours and your guarantors income and ability to repay. Guarantor lenders will only offer what they think is manageable with regards to your personal circumstances using their affordability checks. Only ever borrow what you can afford to repay back.


Can My Loan Be Extended?

Unlike a payday loan, a loan can’t be extended but if you repay your initial loan the Guarantor loan lender may be happy to give you another loan based on keeping a good repayment history.


What If I Am Struggling To Pay Off My Loan?

If you are going to miss the repayment, be sure to contact the lender beforehand. Most lenders abide by a good code of practice and are able to offer you assistance especially if you are pro-active in your dealings with them.?


What are the risks of being a Guarantor?

The two main risks of being a guarantor – 1) The financial risk to the guarantor as well as a impact on credit file and, 2) The risk to your friendship between the guarantor and borrower. If the borrower defaults on their loan then the guarantor is ultimately be required to repay the balance outstanding loan.